Tesla's Chinese rival plans to raise $1.8 billion in Hong Kong IPO
Tesla's Chinese rival Xpeng Motors will reach another significant milestone tomorrow as they make their debut on the Hong Kong Stock Exchange. The smart electric vehicle company is set to start trading on HKSE, following its New York IPO from August 2020, which raised $1.5 billion after jumping 67% on the first day of trading.
The company plans to use the net proceeds from the Hong Kong IPO to expand its product portfolio and develop more advanced technologies. Bank of America Securities and JPMorgan Chase are the joint bookrunners for the sale of 85 million shares at HK$165.
The Guangzhou-based company joins a long list of U.S.-listed Chinese companies with secondary offerings in Hong Kong. Companies listing in Hong Kong have raised US$9.6 billion in IPO proceeds in the first two months of 2021, the highest amount ever to start a year.
Sources: scmp.com, reuters.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.